An Evening Walk Down Dalal Street, 09 Oct '18 | Bears Again - Auto Stocks Drag Markets Down

The Nifty ended around 10,300, while the Sensex closed over 170 points lower.

Higher crude prices along with a weakening rupee dominated the volatile moves on the market.

Crude resumed its upward movement, while the rupee fell to a fresh record low of 74.27 per US dollar. At the time of equity market coming to a close, the currency had dipped to 74.35 per USD.

D-Street saw wild swings before ending the day in the red. A big knock on a stock such as Tata Motors also weighed big on indices.

There was large-scale selling across automobiles, energy, and FMCG names, while metals and pharmaceuticals were the top gainers. Midcaps recovered from their low points and ended 0.30 percent lower.

The day began on a good note, but selling soon gripped the market. But a good session among financials, particularly in the housing finance space, helped the market recover.

At the close of market hours, the Sensex closed down 174.91 points or 0.51% at 34299.47, while the Nifty ended lower by 47 points or 0.45% at 10301.00. The market breadth is negative as 1,015 shares advanced, against a decline of 1,579 shares, while 768 shares were unchanged.

Adani Ports, Vedanta and Dr Reddy’s Labs were the top gainers, while Tata Motors, Asian Paints, and Titan lost the most.

“After gaining marginally in the previous session, the Indian market resumed its downtrend, with the equity benchmark indices closing sharply lower, led by weakening INR vs USD and strengthening crude oil prices. The Nifty index remained highly volatile throughout the session, swinging both sides before closing 0.5% lower at 10,301 levels,” Jayant Manglik, President, Religare Broking said in a statement.